Buying a Home For the First Time? Start With These Smart Energy Tips
It’s no secret that buying a house for the time can be overwhelming.
From sorting through financial documents to navigating the closing process with your realtor, there’s often times a lot going on at once. When paired with the excitement of finally moving in and settling into a new routine, first-time home buyers might not be thinking about how their home uses energy— and how that factor further impacts monthly expenses, personal comfort, and the house’s long-term health.
The National Energy Improvement Fund (NEIF), the nation’s only Certified B Corporation™ specializing in energy efficiency lending, is here to share the good news with new home buyers: improving energy efficiency doesn’t have to be another stressful (or costly!) item on your already long to-do list.
As we get ready to head into real estate’s busy season, here are a handful of smart energy tips that every first-time home buyer should keep in mind.
1. Don’t Skip the Home Inspection
Home inspections reveal valuable information about a home’s conditions from an unbiased, third-party source.
In a competitive market, buyers may omit a home inspection to make their offer more attractive. While doing so speeds up the selling process by removing the risk of renegotiation, home inspectors can provide important insight into the structure and assess for potential problems or safety hazards that new owners should be aware of.
The inspection and evaluation of other elements such as heating and cooling systems, insulation and ventilation, electrical components, and appliances can give additional context about a home’s energy usage— and whether or not things are running as efficiently as they could be.
2. Get to Know Your HVAC System
While no one is expecting you to become an expert in home heating and cooling overnight, it’s important to know that your HVAC system will use more energy— and cost you more money— than any other system in your home.
For these reasons, you’ll quickly learn that it demands a greater level of attention and TLC.
The average lifespan for home HVAC generally varies by system type, but as a rule of thumb: the older the system, the less efficient it will be. When systems require more energy to run comfortably, bills can become noticeably higher from month to month.
When deciding what might be best for your particular system, NEIF has you covered with a database of more than 1,500 contractors nationwide— ones who are not only able to extend expertise in this area, but are also authorized to offer NEIF’s fixed, low-rate monthly payment financing for home efficiency projects.
Learn more about NEIF-Approved Contractors here: https://www.neifund.org/contractor-directory/.
3. Consider Purchasing a Smart Thermostat
Buying a smart thermostat might not feel as fun or exciting as picking out new furniture for your home, but nonetheless: the investment is worth it.
These devices use wireless connection to allow homeowners to control their home’s indoor temperature from a phone, tablet, or computer. Depending on the model, ENERGY STAR® rated smart thermostats typically range from $50 to $300, and contain slightly different features to help save energy.
4. Check for Air Drafts
Even in moderate temperatures, be on the lookout for any spots in your home that feel unusually drafty. Drafts typically present themselves around or near doors, windows, attics, basements, and fireplaces. Outlets and switches located on exterior walls can also be an unexpected source of cold air seeping in.
Along with reducing comfort, drafts can cause significant energy loss in any season. In the winter, cold air creeps indoors; in the summer, cool (air conditioned) air escapes outside. To compensate for energy loss, HVAC systems work harder— increasing heating and cooling costs overall.
5. Understand Your Options for Upgrades + Financing
All in all, improving your new home isn’t supposed to feel overly intimidating— it’s supposed to be exciting!
As much as owning your first home is a major milestone, it doesn’t come without learning curves.
Finding a contractor you can trust for advice and quality installations is a worthwhile endeavor that has the potential to save you time, effort, and money in the long run. As a homeowner, it’s important to understand what your options are when it comes to making decisions about installing versus replacing equipment, what financing is available, and who you can trust to get the job done efficiently and professionally.
NEIF makes it easier for homeowners to invest in energy efficiency upgrades by offering financing options for every budget and access to utility and state-sponsored programs, based on location.
Following smart energy tips is a win-win for new homeowners— helping you save money and energy while also increasing comfort and long-term value. By exploring your options and taking advantage of available programs and financing (when applicable), every small change adds up!
SOURCES: B Lab, McKinsey & Company